GOLD recovers from key support area

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XAUUSD stabilized after hitting a more than two-week low as concerns about escalating tensions in the Middle East subsided, while investors await key economic data to further clarify the timing of US interest rate cuts. America.

Israel stepped up its attacks on the Gaza Strip, its worst shelling in weeks, but fears of a wider conflict eased after Iran said last week it had no plans to retaliate for the attack. apparent Israeli drone strike, financial markets showed signs of increased risk appetite and sold off safe-haven assets.
Markets are also paying attention to signals from the United States, with US inflation data and a Federal Reserve statement suggesting that there may not be an interest rate cut in June.
Recent comments from Fed officials suggest there is no need to cut interest rates immediately, reducing the appeal of zero-coupon gold. Markets now expect the Fed's first rate cut will most likely come in September.
Markets will closely monitor US GDP data on Thursday and personal consumption expenditures (PCE) data on Friday for further insight into the US economy and timing.

In previous trading, the S&P Global PMI was weaker than expected, fueling speculation that the Federal Reserve could cut interest rates.
This month, the manufacturing PMI index fell from 51.9 to 49.9. On the other hand, both the services and composite numbers fell to 50.9 from 51.7 and 52.1.
According to the US Department of Commerce, other data for new home sales increased the most in six months, as building permits remained at a narrow level despite an upward revision of -3.7%. from -4.3%.
The data helps gold prices recover but in general PMI data is not a data that can be used to guide the market so it will only work in the short term.

Analysis of technical prospects for XAUUSD
After gold fell sharply and gained support from an important technical area for a medium-term uptrend sent to readers throughout the publication at the 0.236% Fibonacci retracement level and EMA21, it had the most recovery. stable and currently trying to hold above the $2,322 level.
$2,322 is also a key technical level and if gold holds above it will likely continue to recover towards another key technical level of $2,365.
Currently, technically speaking, gold still has all positive conditions with a medium-term trend from EMA21 and a long-term trend from the price channel. Meanwhile, the negative (bearish) case could widen further if the 0.236% Fibonacci retracement level is broken below and the target level then targets the upper edge of the price channel and beyond the 0.382% Fibonacci retracement level. . This means the protection levels for open long positions should be placed just behind the 0.236% Fibonacci level.

During the day, the technical outlook for gold prices remains bullish with notable technical levels listed below.
Support: 2,310 – 2,300 – 2,284USD
Resistance: 2,334 – 2,365USD

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ملاحظة

Gold increased slightly to $2,330

After falling sharply to $2,300 yesterday, gold is currently up 0.34% to $2,330 today.

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🪙SELL XAUUSD | 2364 - 2362

⚰️SL: 2368

⬆️TP1: 2357
⬆️TP2: 2352

🪙BUY XAUUSD | 2282 - 2284

⚰️SL: 2279

⬆️TP1: 2289
⬆️TP2: 2294

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ملاحظة

Traders now expect only one or two rate cuts this year. This represents a significant disappointment from the six cuts that were expected at the beginning of the year and the three that Fed officials expected in March. While some investors and economists expect that no cuts will be made at all this year.

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Gold prices are still struggling to regain recent upward momentum and are currently trading around a narrow range from $2,311 to 2,330. The reason for this partly comes from the cautious psychology of traders before important US economic data is released.

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Gold recovered to $2,326/oz and continued to trade within a range

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Gold prices have now recovered after falling sharply following last night's US GDP data and the precious metal is currently trading around $2,330. Although gold's upward momentum has weakened when the RSI indicator on the daily chart returned below the 60.00 threshold, the uptrend of XAU/USD is still maintained as the price is still above the short-term SMA lines. .

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✅ XAUUSD has dropped significantly since the beginning of the week after failing to close above 2,400 USD per troy ounce. The price dropped to the psychological support level of 2,300 USD/troy ounce but rebounded to form a Hammer candle, showing the possibility of recovery.

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🔴The Federal Reserve Bank of Atlanta announces its growth estimates for the second quarter

The US Federal Reserve Bank of Atlanta announced its preliminary estimates of the GDP growth rate during the second quarter of 2024, according to the Federal Reserve Bank of Atlanta's GDP forecasting model, and growth estimates in the second quarter came at 3.9%.

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ملاحظة

As of early Asian session, spot gold price was stable around 2,330 USD/oz - up nearly 5% over the month - ahead of the FOMC meeting on Wednesday. After higher-than-expected inflation data was released in recent months, authorities are expected to change their stance in Hawkish's direction.